This myth-shattering book reveals the methods Nouriel Roubini used to foretell the current crisis before other economists saw it coming and explains how those methods can help us make sense of the present and prepare for the future.
Renowned economist Nouriel Roubini electrified his profession and the larger financial community by predicting the current crisis well in advance of anyone else. Unlike most in his profession, who treat economic disasters as freakish once-ina-lifetime events without clear cause, Roubini, after decades of careful research around the world, realized that they were both probable and predictable. Armed with a blend of historical analysis and global economics, Roubini has forced politicians, policy makers, investors, and market watchers to face a long-neglected truth: financial systems are inherently fragile and prone to collapse.
Drawing on the parallels from many countries and centuries, Nouriel Roubini and Stephen Mihm, a professor of economic history and a New York Times Magazine writer, show that financial cataclysms are as old and as ubiquitous as capitalism itself. All of these crises have much in common with the current downturn. Bringing lessons of earlier episodes to bear on our present predicament, Roubini and Mihm show how we can recognize and grapple with the inherent instability of the global financial system and plan for our immediate future. Perhaps most important, the authors - considering theories, statistics, and mathematical models with the skepticism that recent history warrants - explain how the world's economy can get out of the mess we're in, and stay out. In Roubini's shadow, economists and investors are increasingly realizing that they can no longer afford to consider crises the black swans of financial history.
A vital and timeless book, Crisis Economics proves calamities to be not only predictable but also preventable and, with the right medicine, curable.
©2010 Nouriel Roubini (P)2010 Penguin
When I first heard Roubini has come out with a book I thought it was going to focus on doom and gloom, but I was wrong. Crisis Economics explains what happened in 2007-2009 better than any of the other books on this subject to date. It also spends a substantial amount of time discussing past finanacial panics in the US, Asia and Europe. Last, it also integrates the financial crisis in the EU into the discussion about 2008-2009 US financial crisis. As far as doom and gloom is concerned, the debt and currency crisis currently facing the EU is predicted accurately and discussed in detail in the final portion of the book. This book is a very good synopsis and history of the topic.
The authors did a good job diagnosing the recent crisis and prescribing the treatment and prevention of subsequent booms and busts. Simply, the work of genius. I am sometimes in awe by the enormity of work that has gone into this book and yet presented in very simple way.Very thankful to listen to such a lecture at this price!
I also want to credit the reader: L.J. Ganser!"Preposterous!" His voice is best suited to the subject. By comparison he dwarfs most readers and I am now hesitant to listen to other audiobooks not read by him.
I really wanted to read and enjoy this book because I respect the author but I could not finish it. The first half describes what happened histrorically during the 2007 onward financial meltdown. If you want a much more interesting and understandable portrait of what happened get And Then the Roof Caved In by David Faber. Secondary recommendations include The Big Short and The Greatest Trade. Then you may want to read the second half of Crisis Economics for the recommendations or solutions.
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